Tony Fung, Hong Kong billionaire, cancels plan to build US$8 billion Great Barrier Reef Casino Resort in Cairns.
Australia.- Hong Kong billionaire Tony Fung recently announced that his company has decided to cancel the plan of developing the Aquis Great Barrier Reef casino resort in Cairns.
Fung and his team had worked on the project for the last six years. They were expected to invest US$8 billion to build one of the biggest integrated casino resorts in Australia. The projected facility was to be developed in different phases and the first phase included building 4,000 luxury hotel rooms overlooking a number of lagoons.
According to Fung, the decision to drop the project came as a result of the global casino market decline over the past 26 months. The Aquis Great Barrier Reef casino resort would have aimed to target the Asian market with a special focus on gamblers from China. However, the anti-corruption crackdown in Macau and a slowdown in the Chinese economy caused a 26 month decline in Macau’s gross gaming revenues.
Acquis Entertainment has officially cancelled its casino license. This means that other developers will now have the opportunity to apply for the casino license should they be interested in the project.
Curtis Pitt, Queensland Treasurer said in a statement: “There’s nothing preventing the future consideration of a casino operation at the Yorkeys Knob development. That would, however, be subject to the availability of the regional IRD license. But I have to stress that there will be no preferential consideration for a casino license in the future if a later application is made.”